In June 2023, SK Networks, a prominent participant in the sustainable investment sector, acknowledged the significant possibilities presented by Source.ag. This innovative Dutch startup utilizes artificial intelligence (AI) to empower growers worldwide.
As per the BIS Research report, the global artificial intelligence in agriculture market was valued at $1.51 billion in 2022 and is expected to reach $4.09 billion in 2027, following a CAGR of 21.98% during 2022-2027.
With a clear strategic outlook, SK Networks has publicly declared its intention to contribute $2 million to Source.ag's Series A funding round, which amounts to $27 million, through its U.S. investment firm, Hico Capital.
Here’s the Complete Story
Source.ag, the top AI provider for greenhouse growers, revealed the successful conclusion of its Series A extension financing. The additional funding of $4 million was divided between SK Networks, facilitated through its U.S. investment firm Hico Capital, and the existing investor E14 fund, affiliated with the Massachusetts Institute of Technology (MIT).
Earlier in the year, Source.ag announced the completion of $23 million in its Series A funding round, with significant contributions from longstanding investors such as Astanor Ventures, Acre Venture Partners, and prominent greenhouse operators in the Netherlands.
The company leads the way in agricultural innovation by establishing strategic alliances with key players in the indoor agriculture technology sector, including Priva, Ridder, Agro Care, and Rainbow Growers Group.
Aim of the Partnership
Through this strategic partnership, Source.ag is spearheading the advancement of safe, dependable, and climate-resilient food production on a global scale. Greenhouse agriculture serves as a proven solution for sustainable, local, and climate-resilient food production. It offers yields that are up to 15 times higher in production without the need for arable land while consuming up to 20 times less water compared to traditional farming methods.
Source.ag's cutting-edge AI technology enables farmers across the globe to accelerate their growth and enhance the efficiency of their operations, resulting in increased vegetable yields and the adoption of more sustainable practices. The company specifically focuses on major fresh vegetable segments, such as tomatoes and peppers, with a long-term goal of supporting fruit and vegetable growers across all segments.
Conclusion
The increasing global demand for greenhouse agriculture is facing obstacles due to a scarcity of skilled growers and unprecedented challenges stemming from economic and climate-related factors. SK Networks' strategic investment will fuel the growth potential in the smart farm market and demonstrate the commitment to enhancing the scalability of smart farming technology.
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